{"id":254,"date":"2024-06-25T23:02:19","date_gmt":"2024-06-25T20:02:19","guid":{"rendered":"https:\/\/slotscapital.icu\/2024\/06\/25\/galaxy-gaming-reports-revenue-growth-but-remains-in-the-red\/"},"modified":"2024-06-25T23:02:19","modified_gmt":"2024-06-25T20:02:19","slug":"galaxy-gaming-reports-revenue-growth-but-remains-in-the-red","status":"publish","type":"post","link":"https:\/\/slotscapital.icu\/2024\/06\/25\/galaxy-gaming-reports-revenue-growth-but-remains-in-the-red\/","title":{"rendered":"Galaxy Gaming Reports Revenue Growth But Remains In The Red"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/El74fW0HfoY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Although Galaxy Gaming witnessed a substantial 18.8% rise in income for the year 2023, reaching a total of $27.8 million (\u00a322 million\/\u20ac25.7 million), the enterprise continues to operate at a deficit.<\/p>\n<p>Despite the expansion of both physical and digital business earnings in 2023, Galaxy Gaming once again reported a net loss as expenses across various sectors also climbed.<\/p>\n<p>Matt Reback, the company&#8217;s Chief Executive Officer and President, expressed general satisfaction with the mixed outcomes. Reback joined Galaxy in November, succeeding Todd Cravens who had led the organization since the middle of 2017.<\/p>\n<p>In his analysis of the results, Reback emphasized the revenue growth as a significant positive for Galaxy. He also conveyed optimism about the company&#8217;s future prospects.<\/p>\n<p>\u201cWe believe the strategic sale of perpetual licenses reached its peak in 2023,\u201d Reback stated. \u201cWe are transitioning to a sustainable growth model, primarily driven by recurring revenue generated from our robust core and premium felt product portfolio, emerging GOS product line, and our online gaming business in 2024.<\/p>\n<p>\u201cI have now been with Galaxy for four and a half months, and I am very optimistic about the company&#8217;s future.\u201d <\/p>\n<p>The company is concentrating on achieving a substantial increase in revenue in the coming years through internal expansion and potential mergers. Their land-based operations are the main driver of their success.<\/p>\n<p>In the current year, the company&#8217;s core land-based operations generated the most income, rising by a significant amount to $19.3 million. This increase was driven by sales of permanent licenses, which saw a dramatic surge to $3.7 million. New distribution agreements also contributed to this growth.<\/p>\n<p>The company&#8217;s digital operations also saw an increase in income, although at a slower rate than the core business. Income grew from $8 million in the previous year to $8.4 million in the current year, a moderate increase. This growth was attributed to online customers expanding into new markets.<\/p>\n<p>The Americas region generated $17 million in income, a substantial increase. The Europe, Middle East, and Africa region saw a slight decrease in income, dropping by a small percentage to $10.8 million.<\/p>\n<p>Despite the increase in income, the company&#8217;s profitability was affected by higher spending. Operating costs increased by a significant amount to $21.1 million, primarily due to a substantial increase in sales, general, and administrative expenses.<\/p>\n<p>Operating profit increased by a moderate amount to $6.7 million. However, higher net finance-related costs, reaching $8 million, resulted in a net loss. <\/p>\n<p>The company encountered a financial setback, registering a $5 million deficit, which equates to a pre-tax loss of $1.7 million. This figure is slightly higher than the $1.6 million loss recorded during the same timeframe last year.<\/p>\n<p>The company paid $79,228 in taxes but received a positive foreign currency translation adjustment of $51,612. This resulted in a net loss of $1.8 million for the year, which is comparable to the previous year&#8217;s performance.<\/p>\n<p>Despite the overall loss, the company&#8217;s adjusted EBITDA showed a slight improvement, rising by 1.0% to $10.6 million.<\/p>\n<p>The final quarter of the year mirrored the overall trend. The company only released some data for this three-month period, including a 6.4% increase in net revenue, reaching $6.7 million.<\/p>\n<p>GG core revenue experienced a significant increase, growing by 18.0% to $4.6 million. However, GG digital revenue declined by 12.5% to $210 million.<\/p>\n<p>The group reported a net loss of $820,000 for the quarter, in contrast to the $55,000 profit recorded in 2022. Additionally, adjusted EBITDA decreased by 10.0% to $280 million. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Galaxy Gaming witnessed a substantial 18.8% rise in income for the year 2023, reaching a total of $27.8 million (\u00a322 million\/\u20ac25.7 million), the enterprise continues to operate at a deficit. Despite the expansion of both physical and digital business earnings in 2023, Galaxy Gaming once again reported a net loss as expenses across various [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Galaxy Gaming: Revenue Up, But Still in the Red<\/title>\n<meta name=\"description\" content=\"Galaxy Gaming saw a significant revenue increase in 2023, but continued to operate at a loss despite expanding both physical and digital operations.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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